1945

The dimensions of recent economic growth

Between 1955 and 1965 the developing countries recorded an average rate of growth in the total output of goods and services of 4.5 per cent a year. Behind this average lies an extraordinarily wide range in economic performance on the part of individual countries. Many made impressive gains in industrial production and in the expansion of the manufacturing sector. Many achieved a rapid increase in export earnings. A number registered significant gains in savings and investment rates. Some raised their agricultural output rapidly enough to sustain a notable rate of increase in both exports and domestic consumption. At the other end of the scale, however, were countries in which some or all of these indicators of development lagged far behind the average while, in a few cases, they even fell below the growth in population.

Related Subject(s): Economic and Social Development
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